Watch: Diwali bonanza for citizens as Centre, states slash fuel prices

In a major relief to the people, the Narendra Modi government announced rate cuts a day ahead of Diwali. With this move, the central levy on petrol and diesel was cut by Rs 5 and Rs 10. This decision comes at a time when the Modi government is facing a lot of criticism and has crucial elections in the future.

The most sizeable cut in recent times ended the long period of petrol and diesel prices, which stood over Rs 90 to Rs 115 per litre. The Govt hopes the cuts will check the prices of essentials heating up for the last few months and help farmers, who use diesel to irrigate the Rabi crop. This will, in turn, reduce the pinch for businesses emerging out of the pandemic blues.